property finance

Stratton Home Loans Jun 6, 2023

If you're self-employed or a small business owner, keeping your accounts, finances, and income in order can be a real challenge. However, when it comes to getting a home loan, there's good news: it doesn't have to be another source of stress. Here are four tips that could help you prepare for the home loan process:


1. Know Your Numbers: Understand the Different Ways Income Shows Up

When lenders assess a home loan application, they typically look for a consistent level of income that demonstrates your ability to make your mortgage repayments. Collecting the right paperwork to show that you've been self-employed for a consistent amount of time and that you earn a regular income each month is a good place to start. Being able to demonstrate this could work in your favour.

2. Be Upfront with Your Lender: Fast Track to Your Goals

It's important to be upfront about what's been going on in your business from the start, particularly if there are any significant variations in taxable income from one year to the next. This will help to build trust with your lender.

3. Get the Right Help: Tackle the Taxable-Income Dilemma 

Calculating taxable income accurately is one of the most significant challenges self-employed borrowers and small business owners face when it comes to securing a home loan. Talking to a financial adviser or tax professional about working out your taxable income could play an essential role in your home loan application.

4. Keep Things on Track: Improve Your Cash Flow

A financial plan can be beneficial for people who are self-employed to help maximize their cash flow. Paying off any outstanding debts such as credit cards or personal loans could positively impact your cash flow and potentially your credit score, which could allow you to qualify for a higher loan amount with some lenders.


We're here to assist you

While these tips can help you plan for a future home loan application, there are many options for self-employed individuals looking to get a home loan but have not yet succeeded.
At Stratton Home Loans, we have experience working with self-employed borrowers and are familiar with analysing the particular cash flows of small businesses. Our Alt Doc (Alternative Documentation) home loan is specifically designed to meet the needs of self-employed or small business owners who cannot provide the same income documentation required by traditional lenders and mortgage insurers.
If you're struggling to obtain a home loan because of your employment type or income structure, contact a Stratton Home Loans Lending Specialist on 1300 787 288 (option 1) to learn more about our self-employed home loans.



Disclaimer: Applications are subject to the lender’s credit assessment, eligibility criteria and lending limits. Terms, conditions, fees and charges apply. Information provided is factual information only, and is not intended to imply any recommendation about any financial product(s) or constitute tax advice. If you require financial or tax advice you should consult a licensed financial or tax adviser.

Stratton Home Loans is a brand name of Stratton Finance Pty Ltd ABN 63 070 636 903 Australian Credit Licence 364340. Credit for Stratton Home Loans is provided by Pepper Finance Corporation Limited ABN 51 094 317 647. Pepper Money Limited ABN 55 094 317 665, Australian Financial Services and Australian Credit Licence 286655, is the servicer of home loans provided by Pepper Finance Corporation Limited.




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